POD Account Law and Legal Definition

POD account is an account payable on request to one person during his lifetime and on his death to one or more POD payees, or to one or more persons during their lifetimes and on the death of all of them to one or more POD payees. It is an understanding between a bank or credit union and a client that designates beneficiaries to receive all the client's assets. The transfer of assets is activated by the death of the client. It is also referred to as a totten trust.